Hello friends,
I am doing good, and I hope that you are having a good time with your near and dear ones.
Technology is evolving and biking is the biggest example that has been transformed by the high-end technology. There was a time when everything in banking was possible only through the branch visit but now things are different. Visiting a branch for banking needs is a thing of the past because most of the services are available online. We can even open a bank account using the online option and that itself is a great example of technology. No doubt all these innovations have made our lives easy and we are getting next-level banking services.
I have also talked about how I am thinking of applying for a credit card and finally, I did. I am waiting for the physical delivery of my credit card which is expected to happen in a week. In the mean time, I am also getting an offer from the bank that I can apply for another card which is going to be a virtual card. You got it right that the second card will never be delivered because it can only be used through a mobile phone.
I was told by the bank executive that this is something that has been started by the bank recently. I mean I do understand that we have the option to get both types including the virtual and physical but now virtual-only cards are also available, For this virtual there will never be a physical copy of the card and payment can be made even in an offline merchant store using the mobile phone. There are some benefits to using this virtual card and the limit for this virtual card will be linked with the primary card that has been delivered physically.
There are certain benefits with the virtual card because technically it will never be available in your pocket but it will be available in your smartphone. There is no possibility for the database because nobody can get physical access to this unless someone gets access to your mobile phone and passwords etc. There is no separate limit assigned to this virtual card and if in case the limit is exhausted then also not a problem because the virtual card will not have a separate limit so no excess burden on the pocket. This is a free card and there are no annual or renewal charges by the bank best of all this card can also be used for UPI payment.
In India, more people are using the UPI payment option now because it is convenient and user-friendly. You can easily get to see a lot of scanners in almost every shop in the market where you just need to scan the QR and make the payment. Earlier we were able to make the payment through UPI using the bank account. Now with these virtual cards, UPI payment can be done using a credit card. This is good because now people can use credit and save their funds in the bank account to earn more interest. There will be rewards on the credit card spent as usual and this is good because we are also getting some additional benefits in the form of reward points. I am wondering if I need to apply for it but I will do it only when I get my physical car delivered.
Overall this sounds good to me because even for the UPI I can make the payment using a credit card. I don't need to touch my money lying in my bank account because even for the UPI I can pay using the bank money. This is good because there are also no charges for using this credit amount and hopefully I'll be trying it soon
Thank you
Peace @mukund123